Annual Report of the Trustees and Financial Statements by Imperial College Union

Annual Report of the Trustees and Financial Statements

2013/14

imperialcollegeunion.org

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Contents Welcome Our Plan Our Achievements Recognising our Volunteers Structure, Governance & Management Affiliations & Donations Future Plans Financial Statements

An online version of this document is available online along with our previous Annual Reports at:

imperialcollegeunion.org/aboutus

Public Benefit In reviewing the aims and objectives of the Union and planning future activities, the Trustees refer to the Charity Commission guidance on public benefit.

Annual Report 2013/14

Welcome

Being involved with the Union this year has really opened my eyes to the shear range and breadth of work this organisation does for our members every-day of every-year. Our aim is simple, to make their time at Imperial the best it can be, but the complexity of making this vision a reality only became clear to me during my year as President. One of our biggest focuses of the year was around our strategic theme of Amplifying the Student Voice. A successful students’ union is never more so then when it is enabling their members to have a voice - be it in the College, locally or even nationally. This year we achieved all three. Representing our members’ views in the House of Lords, meeting with local MPs and Assembly Members and our new Consultation Framework were personal highlights of mine. As was our work on the Residential Experience Review, a College wide initiative that looked at how we could improve the accommodation and associated services to our members. Our Academic Representation Network is also a part of this voice and this year was out biggest ever. Over 500 students are elected, trained and mandated to make our voice heard at all levels of the College’s academic system. The highlight of they year was the Student Academic Choice Awards which bought together our Reps and academic teaching and support staff in celebrating excellence. Almost 600 nominations were whittled down, by

students, to our eventual winners at a superb ceremony in the Union Concert Hall - it truly was a great night that recognised the best of the academic experience at the College. Volunteers continued to form the back-bone of the Union. Over 2,500 students held positions ranging from Academic Reps to Liberation Officers and, for the first time, we were able to truly highlight and recognise their impact on the organisation with two new initiatives. Launched in October, Imperial Plus supported our volunteers in reflecting on the skills and experiences gained by holding their position. Over 14,000 hours of volunteering were recorded with over 100 volunteers achieving a Volunteer Certificate or Accreditation. I look forward to seeing this scheme expand in the future with even more students being acknowledged for the amazing work they do in delivering our services and activities.

David Goldsmith President 2013/14

The Union Awards in June also gave me and the Sabbatical team an opportunity to thank these volunteers. Our relaunched awards ceremony included new categories that reflected on innovation and enterprise, great events and great campaigns. We were so pleased to be able to hand over the awards to some of the great volunteers who have given so much of their time. But to each and every student that got involved with the Union, a big thank-you from me and my fellow Officer Trustees - we couldn’t have done it without you!

Annual Report 2013/14

Welcome

Welcome from the Chair of the Board of Trustees

Dame Julia Higgins Chair of the Board of Trustees

Annual Report 2013/14

This year has seen the final stages of the implementation of Imperial College Union’s governance review, following the development of a new Constitution and Charity Commission registration in 2013. In particular, the Board now operates two additional sub-committees, and we now also enjoy the contribution and additional scrutiny from our first appointed Student Trustees.

Union through this time of stabilisation and growth and I would like to thank them for their contribution, along with all the Trustees that have been part of the Board this year.

We now enjoy a developed and wellsupported set of governance arrangements, with Trustees working closely with Officers and management to ensure that the Union’s financial performance, strategic vision and operations are well-balanced between ensuring a stable future for the Union whilst delivering on our obligations to our current

I would also like to thank Andy Heeps and Colin Kerr, who joined as Trustees this year and are undertaking valuable work as the Chairs of the Governance Committee and Finance and Risk committee respectively.

members. The Union is now on a strong financial and operational platform to face the challenges of the future.

Volunteers for another successful year and their continuing dedication and contribution to the Union’s Mission, Vision and Values.

This has not always been the case – and it would be appropriate for me to thank George Palos and Janet Rogan (also Chair of our Finance and Risk Committee), two of our departing Trustees. During their time in office they have played a large part in supporting the

The Union is now on a strong financial and operational platform to face the challenges of the future

Finally, I would like to congratulate all of the Union’s Trustees, Staff, Officers and

Welcome

Welcome from the Managing Director The first year of delivery of ‘Our Plan 20132016’ has seen some significant advances for the Union both in terms of new services for our members and improved campaigning and lobbying. As ever, strong financial control, commercial performance, financial reporting and a constant focus on these issues from all parts of the Union underpin these developments. Together we have taken the Union from a precarious position in 2011 to an organisation with a strong balance sheet, three successive years of strong surpluses and a clear vision for the financial future for the organisation. Whilst this performance has enabled us to strengthen the Union’s reserve position, this has not been the expense of developing our services and facilities for our members. We have more staff devoted to supporting student services and experiences than ever before. We have launched new initiatives such as Imperial Plus and Community Connection to broaden and enrich the development experiences we offer to our members. We have a plan to invest more than £250,000 of new capital into the facilities that support student activities, including our Student Media Centre and Concert Hall. These projects aren’t about the assets themselves, but about the activities that they support, enabling the Union to deliver its vision of being at the heart of the student community at Imperial and will demonstrate the direct benefit to our members arising from our hard-earned financial position.

Another step change this year relates to Amplifying the Student Voice, by ramping up the level and impact of our campaigning, lobbying and representation work. The Union has engaged with local and national representatives and pushed for real change for students, including instigating a House of Lords enquiry into the impact of the immigration bill on international students. Internally, our vast network of Academic Representatives deliver hundreds of changes a year for student across the college, and our work in celebrating great practice in teaching and research supervision culminated this year in our highly successful Student Academic Choice Awards scheme, which has now become an important feature of the College calendar. In addition we have made significant strides in our Social Enterprise operations. We have rebranded and grown our facilities hire function, Beit Venues, which makes the most of our building and generates revenues that enable us to continue to invest in the building. We have launched, in partnership with the College, our Postgraduate Bar which has been operationally and financially successful. This joint venture with the College is a signifier of our healthy and productive relationship, which enables the Union and College to act as coworkers and critical friends when necessary. Through making improvements to the

operations of our bars and shops, lobbying for change on a local and national level, supporting students in finding new skills, experiences, and abilities or providing support for our members when they hit difficult times, we are working towards achieving our vision of being recognised at the leaders in student development and engagement. As the College looks to face global challenges and uncertainty, the Union must continue to grow, change and make tough decisions if it is to remain relevant and grow its level of engagement with its members. Through the continuing dedication of its staff, Officers and volunteers I am confident of the Union’s ability to achieve this and remain a central part of the Imperial experience into the future.

Joe Cooper Managing Director

Annual Report 2013/14

THEM

Our Plan

To be recognised as the leaders in student development and engagement, at the heart of the student community at Imperial.

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Vision

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Annual Report 2013/14

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About Us

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Mission

Imperial College Union prepares its members to be tomorrowâ&#x20AC;&#x2122;s leaders, by defending and enhancing the student experience at Imperial, through the provision of innovative services, representation and activities.

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Our Plan Our Values

Public Benefit

Excellent

The Trustees confirm that they have complied with the duty in section 117 of the Charities Act 2011 to have due regard to the Charity Commissionâ&#x20AC;&#x2122;s general guidance on public benefit.

The Union strives to deliver first class services and experiences for its members, and works with the College to ensure that the student experience at Imperial is second to none.

Inclusive The principles of equality of opportunity are fundamental to the Union - we promote diversity, take action on discrimination and strive for an inclusive and welcoming environment for our increasingly diverse student community.

Innovative We are bold and different - we constantly look for new ways of improving the student experience, whether directly through the Union or through the lobbying of the College and external bodies.

Democratic The principle of student leadership is fundamental to the Union. At all levels students are empowered to influence and change the workings of the Union and their educational experience.

ENHANCING the Student Experience Imperial College Union plays a key roleâ&#x20AC;¨in how students learn, develop andâ&#x20AC;¨grow during their time at the College, especially through the skills that they learn through involvement in our activities.

Annual Report 2013/14

By 2016 we will be recognised by the College, our membership, and by external measures as providing a fundamental part of the student experience at the College.

Our Clubs, Societies & Projects are amongst the biggest and best in the UK and we will to continue to develop them. We also want to grow the scope of our activities to ensure that students can access the widest range of development opportunities possible.

We will also maximise the benefits of One of our primary is to represent involvement to helpfunctions our members identify, our members to the College andthey to the wider develop and exemplify the skills have community.through We have recently developed developed their involvement, a strong reputation in developing enhancing their employability anddetailed, widening the evidence-based research on behalf of our scope of their career options. membership and we will grow and enhance

Our Plan

the

fying i l p Am

Student voice

One of our primary functions is to represent our members to the College and to the wider community. We have recently developed a strong reputation in developing detailed, evidence-based research on behalf of our membership and we will grow and enhance the impact of this work.

BUILDING

By 2016 the Union will have played a demonstrable role in improving the educational and non-academic experiences of our members through effective campaigning, lobbying and research.

In order to evolve further we must develop students’ ability to affect our campaigning activity and continue to develop our communication loops to ensure that students are aware of changes that have been made on their behalf.

Our representative role is not limited to the College, however, and we must ensure that students’ voices are heard locally and nationally. The Union should be champions for teaching, research and feedback, and play a key role in helping the College improve students’ experiences in this area.

By 2016 the Union will be at the centre of the Imperial Student Community, ensuring that the Union and College are a welcoming place for our diverse membership.

a Student Community The Union should be the hub of the Student Community – ensuring that students are happy in their surroundings; feel supported by their peers and can seek advice when they need to. The Union believes that the student community should be diverse, welcoming, non-discriminatory and inclusive, and will take

Creating a sustainable

positive action to promote and defend this. The Union currently plays an important role in welcoming students to the College, but this experience needs to be improved and the Union should be at the heart of these changes.

The Union also recognises that the Student Community is constantly changing, both in terms of the demographics of our members, and their needs, demands and experiences. The Union must continually change to reflect this and remain at the heart of the Student Community.

By 2016 Imperial College Union will be recognised as a Union that is financially sound, is a great place to work, and makes the most of the resources that are available to it.

organisation

In order to achieve our Strategic Goals, we must ensure that the foundations of the Union are strong. We must protect and develop our financial and human resources and develop our central support and communication functions to ensure that our services flourish.

Our reputation with the College, our primary funder and a key stakeholder, is predicated on sound financial and operational management, and our reputation with our members, our primary stakeholder, is predicated on providing relevant and well-run services.

The Union’s people are its most valuable asset and the Union needs to become an organisation that attracts, rewards and retains the best people.

Annual Report 2013/14

ENHANCING the Student Experience

Our Achievements

Volunteering in the local community We launched Community Connections in February, a new service that connect volunteers to volunteering opportunities both locally and across London. Community Connections has already offered 1,200 volunteer opportunities to our members from 48 external organisations.

Clubs, Societies & Projects It was another record-breaking year for our Clubs, Societies & Projects with more students buying memberships than ever before. The total number of students who are a member of at least one group increased to 8,712 meaning that 53.6% of our members get involved with student activities, the highest engagement rate in the UK.

Organisations have partnered with us to offer volunteering opportunities to our members.

1,195

Volunteer opportunities have already been offered to our members since Community Connections launched.

New Year Fair Our first ever New Year Fair focused on new opportunities, activities and ideas for a new year. 27 external organisations, 17 Clubs, Societies & Projects and a range of performances welcomed over 2,000 students to the fair. Plans are already underway for next yearâ&#x20AC;&#x2122;s fair.

Imperial Plus Launched in October, Imperial Plus supports volunteers to reflect on the skills they gain through volunteering in our activities, enabling the Union to formally acknowledge the amazing work they do in delivering our services and activities.

29 98 10

Annual Report 2013/14

29 Students have completed the Volunteer Accreditation. 98 Students have completed the Volunteer Certificate.

over

14,000 Over 14,000 hours of volunteering have already been recorded for Imperial Plus.

Student Volunteering Week Run in collaboration with Imperial Hub, Student Volunteering Week (SVW) celebrated the efforts of our volunteers whilst providing the opportunity to engage students in new volunteering activities. During the week ‘Volunteers of the Day’ were featured online, including Rep, Club and Society and Imperial Hub volunteers, capturing the programme of 15 activities designed to engage and promote volunteering to our members. All of the over 250 students engaged in SVW activities agreed it had been a positive experience and 86% said that it had made them more likely to get involved with volunteering and social action!

Student Experience Survey Our second Student Experience Survey Response was published in March and the results were presented by Marissa Lewis, Deputy President (Welfare), at the annual College Welfare conference. As well as outlining the findings of the survey, the response also featured recommendations to improve services within College and the Union.

Our Busiest Day Ever Freshers’ Fair was the biggest event of Welcome Week 2013 and saw over 5,000 students visit over 350 stands around the College’s South Kensington Campus. From A Cappella to Yoga every one of our 310+ Clubs, Societies & Projects had a stand showcasing the best of their activities and interests.

Student Experience Survey Response

2014

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86+ D 250+

86%

86% said they were more likely to get involved in volunteering and social action as a result of volunteering during SVW.

Over 250 students were engaged in Student Volunteer Week events and activities.

Give it a Go Give it a Go ran for the first time at Imperial College Union in October. It encouraged almost 3,000 students to take up new opportunities, attend trips or try new activities before committing to joining one of our 310+ Clubs, Societies & Projects. 71 Clubs & Societies were involved in our first Give It A Go and received publicity in booklets distributed at Freshers’ Fair 2013 and on the What’s On pages of the Union website. Across all the activities on offer by Clubs, Societies & Projects, 756 extra students attended the events as a result of the GIAG scheme. 60% of Clubs & Societies thought GIAG helped increase membership and involvement and 76% wanted us to run the scheme again.

5,000+

Over 5,000 new and returning students attended the Freshers’ Fair 2013.

It was a record day on our website too, with more than 76,000 pages served to over 6,500 unique visitors. Singapore Society sold the most number of memberships with 88 students joining!

Annual Report 2013/14

the

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Student voice

Our Achievements

The Student Academic Choice Awards This May saw the second ever Student Academic Choice Awards (SACAs) and the most successful yet. Now an important part of the calendar at Imperial, the event showcased some of the most valued members of academic and support staff at Imperial, honouring those who have demonstrated excellence and innovation. 591 nominations were received and six candidates were short-listed for each of the eight awards. Panels consisting exclusively of Sabbatical Officers and Academic Representatives selected staff members according to their focus on quality teaching, supervision and support. The ceremony, attended by over 140 students, staff and academics, featured video nominations from students and some extremely happy winners.

591

591 nominations were received in this yearâ&#x20AC;&#x2122;s SACAs.

The opportunity for the Union and members of our Academic Representation Network to celebrate excellence in teaching and academic support alongside those who deliver a world-class education to Imperial students is vital in our mission to make our membersâ&#x20AC;&#x2122; time at Imperial the best it can be.

Elections For the third year running our elections were the largest student vote in the country as over 150,000 votes were cast for our new Officer Trustees and Constituent Union Presidents. 482 candidates stood for over 300 positions ranging from President to Student Trustees. Campaigning took place in early March with innovative and engaging campaigns including one candidate, our eventual new President, making a mobile game to promote their candidacy! New and exciting live statistics were launched and proved to be more popular than ever before with over 38,000 views of the page during voting.

60.2%

UNDERGRADUATES

60.2% of Undergraduate students voted in The Big Elections 2014, up from 59% the year before.

A final day surge bought us to our highest ever number of voters, 6,538 meaning a turnout of 39.31%. We also had our highest ever turnout for Undergraduate students with a staggering 60.2% registering a vote!

The UKâ&#x20AC;&#x2122;s largest ever student vote! 12

Annual Report 2013/14

151,802 Votes were cast in The Big Elections 2014, more than any other student vote in the UK.

Aca

Academic

Academic Representation Network With over 500 Academic Reps trained and mandated to make your voice heard at all levels of the College and your Department, our Academic Representation Network is the heartbeat of academia at the College. Our network of Reps delivered hundreds of changes across the College from improvements to teaching and feedback to better facilities in common rooms, labs and lecture theatres.

517

Representation Conference We held our first ever Representation Conference in February which brought together Academic Representatives and College staff to discuss the future of staff-student interaction at Imperial College London. The theme of the day was “What is Excellence”, and delegates heard keynote speeches from senior College and Union speakers, and took part in workshops.

There were 517 Academic Reps elected last year across all Undergraduate and Postgraduate courses at Imperial.

Discussions involved the National Student Survey, teaching awards, the effective use of staff-student committees, the role of the Union, personal tutoring systems, and more. Sessions were led by a mix of current students, Officer Trustees, College academics, Union staff and external speakers.

House of Lords Select Committee on Science & Technology International STEM Students

Evidence to Inquiry

Advocacy on a National Scale Throughout the past year, Imperial College Union has been lobbying Government, Parliament and local politicians regarding a number of provisions in the Immigration Act. After directly lobbying Lord Winston, Emeritus Professor at Imperial College London and member of the House of Lords, Imperial College Union secured a House of Lords Science & Technology Subcommittee Inquiry into the Act’s effect on international students of science, technology, engineering and mathematics (STEM) subjects.

The Residential Experience The College announced the Residential Experience Review at the beginning of the academic year with the aim of shaping the residential experience for Imperial students. It will also set out an action plan for the Review Panel’s recommendations.

Submis sio the Res n to idential Experie nc Review e

82% Up by 26% POINTS

imperialcollegeunion.org

82% of students think that Imperial College Union fully supports International students, an increase of 26% points from last year.

We published our evidence-driven submission and presented it to the review. As a result of the recommendations in our submission, changes including a student-led social fund for each hall and more powerful Halls Committees have been set up. Changes to how accommodation prices and College travel times are communicated have also been implemented as a result of our submission. imperia lcollege union.or g

Annual Report 2013/14

BUILDING

Our Achievements

a Student Community

#helloicu Crew

88% of new students were satisfied or better with the information they received from the Union before they started at Imperial.

88%

Our brand-new team of volunteer students were on hand to welcome the 5,500 new students to Imperial during Welcome Week. The #helloicu Crew were ever-present around the campus throughout the week helping students move in, meet new people at the Mingles and direct new students to lectures and rooms. 94% of new students said they were satisfied or better with the welcome provided by the #helloicu Crew!

Campus Outreach Strategy

In March we published our first ever Campus Outreach Strategy. The strategy is arranged in three sections: Support for Student Involvement; Ensuring a local community is fostered and Campaigning for an equitable experience. Over the coming years the Union will be publishing annual plans to enable this strategy to be achieved, as well as reporting on progress towards the measures which are outlined in each section. The plan is ambitious and challenging, but we are confident of our ability to achieve the aims, objectives and measures presented in the plan.

2013-16

imperialcollegeunion.org

Advice Centre Every year, dozens of students contact the Advice Centre for help with getting back the deposit they paid for their accommodation. Through letters from the Advice Centre, taking cases to tenancy deposit protection schemes, and supporting students in taking cases to Small Claims Court, we have helped our members secure approximately ÂŁ10,000 in deposits that would not have otherwise been returned.

ÂŁ10,000+

Welcome Week Over 7,000 students attended one of our Welcome Week 2013 events, starting with the Undergraduate Mingle events on the first weekend. For the first time we also ran the Alt. Mingle, a chilled out non-alcoholic alternative to the traditional Mingle. The event was attended by over 500 students over the weekend and was so well received by students that we will be running the same again next year.

Annual Report 2013/14

94%

94% of starting students were satisfied or better with their welcome to the College.

The Advice Centre has helped our members recover ÂŁ10,000 in deposits this year.

Union Awards With over 16,000 members, 483 Imperial Plus members, 455 Academic Reps and 315 Clubs, Societies & Projects - Imperial College Union is a massive organisation. All of these groups of volunteers, who find time away from their busy academic life, make the Union what it is. The Union Awards are about celebrating each and every one of those volunteers while taking a moment to recognise those that have had a real impact on the last year at Imperial. A fantastic event with over 100 winners, the Awards honoured the best of our membership and the heartbeat of our student-led organisation.

Stress Less Stress Less returned during the exam seasons of Spring and Summer, de-stressing students with a number of free fun activities and signposting them to relevant College services. Spread over two fiveweek periods, the campaign’s aim is to encourage a healthy attitude towards exams amongst students. Some of the most popular activities included laughter yoga and massages in our ‘Zen lounge’ accompanied by relaxing chill-out music as well as a bouncy castle on the Queen’s Lawn. The campaign also provided free arts & crafts, de-stressing workshops and meditation in conjunction with the College Chaplaincy.

Talk to DAS This term saw the launch of our campaign #TalktoDAS. The campaign aims to increase the percentage of students with disabilities who disclose their disability to College, so they can get better support, advice and resources. The campaign is also a promotion for the College’s Disability Advisory Service, which offers support to students with physical and non-physical disabilities.

Buddy Scheme Our buddy scheme entitled “Mums & Dads”, which matches returning students to new first year students based on their department and interests, saw its biggest year yet with over 1,000 returning students signing up. New students were able to log in to our online system and give us more information about their interests so we could better match them with their parents. We also added new functionality to the Union website so that any logged in user could easily find out who their children or parents were from any page on the site!

1,000+

More than 1,000 returning students signed up to be part of our buddy scheme.

An Online Welcome Our new Welcome section of the Union website was the one-stop shop for starting students, containing helpful and fun information about life at Imperial and being a new student. Our ‘Toptips’ news articles were viewed over 15,000 times, dispensing essential advice such as what to bring with you to halls and, more importantly, what not to bring! The Welcome site also included online versions of our newly designed Union Handbooks. The handbooks again contained lots of useful information for new students including different versions for Undergraduates and Postgraduates. New for this year, alongside our A-Z of Activities, was our ‘Very Helpful Handbook’ which contained essential information for every Imperial student. The handbooks were viewed over 7,700 times. Annual Report 2013/14

Creating a sustainable organisation

Our Achievements

Financial Performance

£161,527

It was another strong financial year for the Union in 2013/14. Against a budgeted surplus of £50,000 the Union recorded a £162,000 positive bottom line. This positive variance on budget was realised from all areas of the Union contributing in important cost savings whilst maintaining or improving income where possible. A third-straight year of strong surpluses have enabled us to set aside some large capital outlays for the next financial year as well as reversing the historical losses incurred by the Union prior to the 2011/12 financial period.

The Union recorded a £161,527 surplus in 2013/14.

Beit Venues Beit Venues, our conferencing and room hire offer recorded a £113,000 surplus beating an ambitious budget by £35,000. This surplus enabled us to carry out a number of refurbishment works around the building that benefit all users of the space, especially our student groups. Improvements include a new floor for the Union Gym, repairing the Activity Spaces floors and also a redecoration of the East staircase, all in the Union Building.

h-bar Our joint venture with College Campus Services to deliver a Postgraduate and staff bar and cafe launched in November, opened by James Stirling the Provost of Imperial College London. h-bar is the first time that Postgraduates have had a place of their own to socialise and relax. A profit share agreement with College Campus Services saw the h-bar deliver a £11,000 surplus in its first year of trading.

Retail The Union Shop and Newsagent were joined by our temporary pop-up space the Imperial Gift Shop for 2013/14. Enabling our Retail team to showcase our range of Imperial branded regalia and merchandise the extra space was a real benefit. Branded clothing continues to be a real growth area for the Union and overall Retail recorded a surplus of £104,000 beating budget by almost £4,000. Shop Extra, our new outlet on the Sherfield walkway, opening in August, is an exciting new space offering daily drinks, snacks, cards and gifts. Shop Extra has been designed to be complimentary to the existing Union Shop, situated just opposite it. Its bold design really sets it apart from other outlets along the walkway. 16

Annual Report 2013/14

£35k

Better than budget

Beit Venues delivered a surplus of £113,000 beating budget by £35,000.

Catering The Union’s catering team provided an expanded service this year with the addition of Sunday opening hours and increased support for the events and activities of Beit Venues’ clients. Although still a lossmaking activity for the Union, Catering beat budget by £21,000 and continue to underpin bar sales and daytime trade in the building.

£104,000

Surplus for 2013/14

Our Retail outlets delivered a surplus of £104,000 beating budget by almost £4,000.

Reynolds Bar

Marketing & Sales Income

The newly refurbished Reynolds Bar improved upon its budgeted surplus of £8,000 by recording a bottom line of just under £17,000. This was despite the space not being open in time for the Freshers’ Fortnight with events having to be held at other venues whilst the building works were completed.

Income from our events such as Careers Fair, Freshers’ Fair and the inaugural New Year Fair as well as from other sales income missed its budget but still delivered a £120,000 surplus, an increase of £19,000 year-on-year.

The Summer Ball 2014 We had our biggest and best ever Summer Ball in June with over 1,500 students attending our Alice in Wonderland themed end-of-year party. Our largest ever funfair and performances from Duke Dumont, IC Big Band and a DJ Set from BBC Radio 1’s Huw Stephens were book-ended with great weather and a huge firework display. Beating a budgeted break-even point the ball recorded a surplus of almost £8,000 proving once again the long-term future of the event.

Union Website The online home of the Union, imperialcollegeunion.org, continued to form an integral part of the services we offer with new functionality in Club, Society & Project pages and easier to find information on who your Academic Reps were. eActivities cemented itself as an essential tool for all Clubs, Societies & Projects, as well as being the new home for recording volunteer hours for Imperial Plus.

£4,433,090

The two systems came together to deliver Community Connections’ volunteering opportunities and organisation listings.

Over £4.4m was processed through eActivities this year up from £3.8m last year

Visitors to the Union website were up 144% compared to last year with over 8.8 million page views. Whilst eActivities processed £4.4m in claims, purchase orders, invoices and more; up from £3.8m last year.

Union Survey Our annual member satisfaction survey received over 1,000 respondents and closed in April, offering us a vital insight on our members’ opinions on our services and the Union as a whole. Our members told us that, of those responding positively or negatively, 92% agreed or strongly agreed that Imperial College Union had a positive impact on their time at Imperial. Although there is more work to do, this is a fantastic response from our membership. Equally, 88% believing that we had a fundamental role in creating a positive student community and 79% believing that being involved with the Union enhanced their employability, shows real improvement year-on-year.

82% 92% 60% 71%

88%

86+5+D 60+11+D 88+D

92% of students think that Imperial College Union has a positive impact on their time at Imperial.

71% of students think that Imperial College Union is the voice for students at Imperial.

88% of students think that Imperial College Union plays a fundamental role in creating a positive student community at Imperial

Percentage of respondents expressing a view that agreed or strongly-agreed to questions in the Union Survey 2014.

Recognising our Volunteers Union Awards 2013/14 In total, 359 nominations were received for Union Awards this year. A revamped list of awards and ceremony really demonstrated the level of eganagment and important that we as an organisation place on our volunteers.

Club, Society & Project of the Year

Event of the Year

A Club, Society or Project that has delivered a significant improvement to the student experience at the College through their events, activities and initiatives.

A stand-out, student-led event or series of events that showcased the Union and its activities. Acting as ambassadors to their group, the Union and the College, this event will have delivered positive impact for the organisers and attendees.

EESoc

East Meets West, Indian Society

Innovation & Enterprise Award

Contribution to College Life

A cutting edge, bold and innovative idea or scheme that has improved the student

This award recognises a new and lasting idea or initiative that has benefited the College

experience at the College directly or indirectly. Through technology, initiative and entrepreneurial spirit this group or individual has shown creativity and originality to their approach.

and its students. The winner will have made a real improvement to life at the College, creating a more welcome and diverse student community.

Student Innovation Bootcamp

Andreas Thomik

Campaign of the Year The Campaign of the Year award recognises a campaign delivered to the Imperial Community for the broader benefit of all students. Impactful and enduring, the campaign will have delivered real change and increase in awareness on a particular issue, topic or interest. Islamic Societyâ&#x20AC;&#x2122;s Charity Week

Annual Report 2013/14

Union Awards 2013/14 Linking Imperial students with the local community

Academic

C mmunityConnections Community Connections Volunteer of the Year

Outstanding Service Awards The Outstanding Service Award is awarded to those individuals who have, in addition to the requirements for a Union Colour, gone above and beyond their role, repeatedly, to enhance the student experience and life of the Union across a broad spectrum of areas during the year.

An exceptional student who has dedicated their time to volunteering or organising volunteer opportunities in the local community. Michael Yat Kit Chung

Undergraduate Academic Rep Team of the Year A team that has ensured democratic, popular and effective representation of the views of their constituency, and has improved the teaching & learning experience of their students in a lasting & measurable way. Physics

Postgraduate Academic Rep Team of the Year

Community Connections Project of the Year An exceptional student who has dedicated their time to volunteering or organising volunteer opportunities in the local community. Schools Plus

A team that has ensured democratic, popular and effective representation of the views of their constituency, and has improved the research & learning experience of their students in a lasting & measurable way. National Heart & Lung Institute Postgraduate Research Student Committee

Academic Rep of the Year An exceptional individual Academic Representative who has engaged with departmental/faculty staff, their students and the Union to bring clear & measurable benefit to the learning & teaching experience of their constituency. James Murphy

Stephen Ball Richard Bennett George Butcher Michael Chung Francis Clegg Hazem El-Turk Benjamin Fernando Katherine Fok George Goldberg John Golden Rachel Gregory Peter Griffin Benjamin Howitt Philip Kent Charmain Li Nida Mahmud Patrick McGown James Murphy Sunila Prasad Jonathan Pratt Alexander Savell Andreas Thomik David Thompson Thomas Wilshere

Annual Report 2013/14

Union Awards 2013/14 Fellowship

Fellowship with Distinction

The Imperial College Union Fellowship is awarded to

The Imperial College Union Fellowship with Distinction is awarded to those

those individuals who have continuously served the Union and/or enhanced the student experience in an exceptional manner, usually over a number of years. Each individual, so awarded, will be granted Honorary Lifetime Associate Membership of the Union.

individuals who have exceeded the criteria of the Union Fellowship of longevity and excellence of service to the Union. They should additionally achieve being a significant party in making an innovative development to the work of the Union such as to leave a positive legacy that will make a lasting impression for future members. Each individual, so awarded, will be granted Honorary Lifetime Associate Membership of the Union.

Michael Foster Thomas Lim Suzanne Rayner

Stefan Nubert

Union Colours The Union Colour is awarded to those individuals who have given significant and repeated outstanding contributions to the student experience at Imperial and the life of the Union throughout the year. Mohammad Ahmadzadeh James Badman Andrew Bean Timothy Beasley Mohammad Bilal Max Boleininger

Adrian Grutter Boshuo Guo Ethan Haley Timothy Hall Edward Hallett Peter Hamilton

Yi Ting Low Alexander Lown Yasmin Malik Dominic Marshall Ellen Mathieson Maciej Matuszewski

Delphine Rolando Joseph Rumer Plabon Saha Maryam Saleem Luke Salter Ayshah Sawjani

Olivia Boyd Thomas Brunt Yulia Bulgakova Richard Cameron Kimberley Chin-Goh Lejon Chua Oliver Clipsham Rhys Comissiong Theresa Davey Sahil Dawar Mariza de Souza Ollie Dean Thomas Defferriere Kristina Earle Nicholas Farmer Luke Granger-Brown

Philippe Harbord Jonathan Hardisty Aislinn Hayes Fangjia He Reuben Hill Yuri Ichinose Omer Jamall Thomas Jones Maximillian Keech Dongwhi Kim Wilf Kimberley Don Koh Yin Lee Mimi Li Chew Liew Christopher Love

Hannah Maude Chris McDonnell Emma McFadden Samuel McKenny Edward Middleton Sophie Middleton Sara Mohamed Shorok Mombrikotb Aditya Narayanan Charles Penny Julian Phatarfod Eamonn Postlethwaite Rasheed Rabiu Slobodan Radosavljevic Ruth Reynolds Joanna Robbings

Francesco Sciortino Sarim Siddiqui Amanda Sjรถdahl Charlotte Stephens Joshua Taylor Chris Terry Vignesh Venkataraman Kunal Wagle Victoria Walpole Madina Wane Yuchen Wang Ross Webster Christopher Wood

Annual Report 2013/14

Structure, Governance & Management Address

Charitable Objects

Imperial College Union Beit Quadrangle Prince Consort Road South Kensington SW7 2BB

The Imperial College Union’s objects are the advancement of education of students at Imperial College London for the public benefit by: • promoting the interests and welfare of students at Imperial College London during their course of study and representing, supporting and advising students • being the recognised representative channel between students and Imperial College Union and any other external bodies and; • providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.

Charity Status Imperial College Union is a Registered Charity No: 1151241.

Governance Board of Trustees 2013/14 Lay Trustee - Chair

Julia Higgins

President

David Goldsmith

Deputy President (Clubs & Societies)

Yasmin Edwards

Deputy President (Education)

Natalie Kempston

Deputy President (Finance & Services)

Kieron Creagh

Deputy President (Welfare)

Marissa Lewis

Council Chair

Richard Bennett

Student Trustee

Bukki Adedapo

Student Trustee

Michael Foster

Student Trustee appointed

Tian Chew

Student Trustee appointed

John Winters

Alumni Trustee

Andy Heeps

Lay Trustee

Colin Kerr

Lay Trustee

George Palos

Lay Trustee

Janet Rogan *

Permanent Observer to the Board of Trustees was: • Managing Director: Joseph Cooper

• Clerk to the Board of Trustees was: Rebecca Coxhead (Governance & Administration Manager).

* Stayed in post until March 2014 when they resigned.

Annual Report 2013/14

How Weâ&#x20AC;&#x2122;re Run Our Impact

Elected Officers 2013/14 President

David Goldsmith

Deputy President (Clubs & Societies)

Yas Edwards

Deputy President (Education)

Nat Kempston

Deputy President (Welfare)

Marissa Lewis

Deputy President (Finance & Services)

Kieron Creagh

Felix Editor

Joseph Letts

CGCU President

Lejon Chau

ICSMSU President

Steve Tran

RCSU President

Plabon Saha

RSMU President

Emily Pennington

GSU President

Andreas Thomik

Elected Officers to serve 2014/15 President

Tom Wheeler

Deputy President (Clubs & Societies)

Abi de Bruin

Deputy President (Education)

Pascal Loose

Deputy President (Welfare)

Chris Kaye

Deputy President (Finance & Services)

Alex Savell

Felix Editor

Philippa Skett

CGCU President

Tim Munday

ICSMSU President

Dariush Hassanzadeh-Baboli

RCSU President

Serena Yuen

RSMU President

Benjamin Warnick

GSU President

Nida Mahmud

Annual Report 2013/14

We also produce an Impact Report which accompanies this document. Published in June the report focuses on how all of our achievements in the year have impacted on our members. You can read the Impact Report online and visit our Impact website at:

imperialcollegeunion.org/impact

How We’re Run Trustee Recruitment

Management

Trustees are appointed in the following ways to the Board of Trustees as per the Constitution:

Senior Management Team 2013/14 Managing Director

Joseph Cooper

Head of Finance

Malcolm Martin

Commercial Services Manager

Matthew Bowman

Retail Manager

Jondene Cottrill

Central Services Manager

Alexander Mckee

Membership Services Manager

Philip Power

Administrative Assistant to the Senior Management Team was Laura Fellows (Administration & HR Coordinator).

Delegation of Authority The Delegation of Authority document as approved by the Board of Trustees sets out the clear levels of authority for financial and non-financial decisions at different levels of governance and staffing. They are available for all staff and Officers on the Union website.

Professional Advisers Bankers National Westminster Bank PO Box 592 18 Cromwell Place London SW7 2LB

Auditors Knox Cropper Chartered Accountants 8/9 Well Court London EC4M 9DN

Insurance Brokers Arthur J. Gallagher Station Square One Gloucester Street Swindon SN1 1GW www.ajginternational.com

• Officer Trustees are appointed for one year by a cross-campus ballot. • Two Student Trustees are elected by a cross-campus ballot. • Two more Student Trustees are appointed through recruitment. • Up to four External Trustees are appointed through recruitment. • One Alumni Trustee appointed through recruitment. • The Chair of the Union Council is a member of the Board of Trustees, appointed by cross-campus ballot.

Trustee Training All Trustees receive appropriate induction and ongoing training to support them in their roles. Their formal induction training programme includes the principles of Equality and Diversity and Financial Information for Trustees. An annual Board of Trustees Away Day covers specific issues and training needs facing the organisation or sector at the time. The Clerk to the Board of Trustees also offers one-to-one support and historical information and guidance.

Affiliations & Donations In the 2013/14 academic year Imperial College Union affiliated to or donated money to the following external organisations:

Affiliations Body

Amount

Body

Amount

British Universities & Colleges Sport

14,362.69

Aiuchi Jiu Jitsu Association

250.00

Denham Golf Club

4,696.02

England Hockey

202.72

Lasham Gliding Society

3,986.08

Kings Ski Club

200.00

British Universities Ice Hockey Association

1,650.00

National Hindu Students Forum

194.50

London Nightline at ULU

1,495.00

British Mountainerring Council

175.00

British American Football Association

1,478.00

English Lacrosse Association

160.00

Wembley Sailing Club

1,350.00

British University Sailing Association

150.00

The British Shorinji Kempo Federation

847.00

Archery GB

245.00

Oxford Aid To The Balkans

650.00

Student Radio Assoc

80.00

British Sub-Aqua Club

504.00

National Student Television Association

63.00

Amateur Football Alliance

501.00

British Caving Association

57.00

UK Dodgeball Association

497.00

British Collegiate Parachute Association

50.00

British Rowing Limited

495.00

British Judo

36.50

Advice UK

414.00

British Student Taekwondo Federation

30.00

England Basketball

386.00

Bullnose Morris Club

25.00

British Canoe Union

341.00

Total

ÂŁ36,710.26

The Jitsu Foundation

300.00

National Shooting Centre

286.75

British Universities Gaelic Athletic Association

285.00

National Small-bore Rifle Association

267.00

Annual Report 2013/14

Affiliations & Donations

Donations Body

Amount

Body

Amount

Islamic Relief UK

28,100.00

Helping Africa 100

612.03

Dacorum Mencap

15,000.00

Croydon ICT

530.00

Right To Play UK

7,000.00

NHSF (UK)

500.00

Save The Children

3,438.09

Richard House Children's Hospice

450.00

Human Appeal International

3,264.91

United Response

418.03

The Anthony Nolan Trust

2,750.95

Save the Children - Philippines appeal

377.47

Practical Action

2,500.00

Make-A-Wish Foundation UK

317.50

breakthrough breast cancer

2,500.00

Muslim Aid

300.00

CAREducation

2,500.00

The Overseas Mauritian Society

250.00

Caritas Anchor House

2,500.00

Elephant Nature Foundation UK

240.00

BBC Children in Need Appeal

2,400.00

DEC Philippines Typhoon Appeal

205.78

Human Aid UK

1,707.37

CoppaFeel!

168.42

Winnicott Foundation

1,557.00

Total

ÂŁ88,350.81

3 Little Miracles Fund

1,549.00

UNICEF UK

1,497.83

Leuka

1,400.00

Kenyan Orphan Project

1,313.83

Hand in hand for syria

1,150.00

Intervol

1,102.60

The Parish Of Holy Trinity And St Saviour

750.00

Annual Report 2013/14

Future Plans Our aims for 2014/15 The Union has developed a detailed Operating Plan for the year, outlining the practical steps that will be taken to move towards achieving the strategic objectives as set out in Our Plan. Progress on these objectives is tracked through regular reporting to the Board of Trustees and the performance management framework. Below is a selection of the key objectives for the year, taken directly from the operating plan. Increase the support for our Clubs, Societies & Projects by completing over 100 development plans and by conducting exit interviews with Club Officers. Continue to embed Imperial Plus as the standard way in College for recognising the time spent and skills learnt through volunteering. Achieve Investors in Volunteers status by October 2014. Complete Democracy Review and publish proposals by March 2015. Publish the Union’s first Advocacy to Action by January 2015. Support at least 10 student-led campaigns by June 2015. Complete a research-based report on Diversity, Inclusion and Liberation on campus, including Union activities by June 2015. Publish a research-based report on ‘Student Journeys’ highlighting the various changing demographics, trends, behaviours and needs of our members by July 2015. Expand our Customer Promises out to all of our services and initiatives including internal departments. Deliver Operating and Capital budgets through focus on financial reporting, cost control and revenue growth.

Annual Report 2013/14

Find out more about Our Plan 2013-16 Visit the Our Plan website to read all of our aims and goals for the next three years. imperialcollegeunion.org/strategy

Financial Statement

Imperial College Union Trustees Report and Financial Statements for the year ended 31 July 2014

The Trustees of Imperial College Union presents its Annual Report together with the audited financial statements of the Union for the year ended 31 July 2014.

Financial Review Statement of Financial Activities The unrestricted activities of the Union show an in-year surplus of £161,527 against a targeted outturn of a £50,000 surplus. For each of the last three consecutive years the Union has returned a surplus and exceeded expectations in each of those years. As a direct result of these recent financial achievements the Union has set aside over £300k for capital investment for various projects which include the Media Centre, purchase of new mini buses and a contribution to the redevelopment of the Concert Hall. Unrestricted incoming resources have grown by 12% (£541,962) from the 2012/2013 total of £4,519,636 mainly due to growth in our Commercial Services (£255,178), an increase in the Block Grant (£124,572) and an increase in value of services provided by College (£90,453). The remaining

Annual Report 2013/14

growth (£71,759) is attributed to Room Hire and Advertising income. H-bar, a joint venture with College, opened in November 2013 and achieved income of £154k which helped bolster the financial performance of the Union’s Commercial Services. The income for SK Bar grew by 2.9% (£29,440) and Catering also had a successful year growing by 25.5% (£49,739). Restricted incoming resources, the self-generated income attributed to Clubs, Societies & Projects, grew by 4.1% (£84,882). These restricted funds continue to raise each year as a direct result of the efforts of our members to generate internal and external interest in the activities of our numerous student groups. Overall, incoming resources grew by 9.5% (£626,842). Resources expended represents the outgoings of the Union which have increased by 8.3% (£551,344). They are presented here on a full cost basis such that all the support costs have been allocated to the three charitable activities. The majority of the growth (£434, 577) is attributed to Social Enterprise which has seen a significant expected increase in the cost of goods for re-sale as this is directly related to the increase in income activity. Note 3 below shows that the gross profit margins has remained constant at 59% year on year. Staff Wage costs have also increased as extra student staff have been commissioned to service the H-bar. Support costs have increased due to an increase in the value of College services, extra investment in the training and development of Union staff and additional essential staff roles being added in the areas of Marketing and Finance to better facilitate the services offered to our members. During the year we continued to make additional investment in the areas of Student Activities and Student Voice as new staff have been added in both these frontline charitable areas to underpin such initiatives like Imperial plus, Community Connections, Stress Less and the level of external political engagement. The resource expended comparable figures for 2013 have been restated to reflect a change in the way central staff costs are allocated. Previously some central staff costs were allocated directly to commercial cost centres. From August 1 2013, internal preliminary allocation of some central staff costs was ceased, as it added little value to management decisions, and all central staff costs are now included within support costs and allocated accordingly. This change affects the comparable figures in notes 3, 4, 5, 7 and 8 but there is no change to the total resources expended for the year.

Balance Sheet The Union’s balance sheet has continued to grow in strength as net current assets have increased from £1,252,171 (2012/2013) to £1,613,746. Our cash balance has improved further and is nearing the £2m mark. Designated Funds include a provision of £304k for capital purchases which will be commissioned early in the new year. Overall the financial health of the Union is continuing to strengthen and we remain on trajectory to achieve our full reserve funding target within the next 5 to 6 years. However in the interim years we are able to make modest capital investments to improve the experience of our members. RESERVES POLICY The Union maintains reserves in accordance with the Charity Commission’s guidance – they represent the ‘free’ reserves available to the Union’s

Annual Report 2013/14

trustees to unrestrictively spend on the purposes of the Union. They do not include any endowments, restricted or designated funds, nor do they include funds that could only be realised by disposing of fixed assets. In the Trustees’ view the Union should maintain ‘free’ reserves that are capable of: • ensuring that free funds are available to repair, upgrade or replace facilities and equipment as needed; major developments will have their own designated funds and are thus excluded from ‘free’ reserves. • ensuring that staff are able to be paid full entitlements in the event of catastrophic trading failure or reduced support from the College leading to their redundancies. • ensuring that clubs and representation activities are able to be maintained for a full academic year in the case of reduced support from the College. INVESTMENT POLICY The majority of the Union’s investments are held in short-term cash deposits which are pooled with College to obtain a more beneficial rate of return on Union funds. Some longer term investments are held by M&G Charifund a fund specifically set-up for charitable investments. TRUSTEES’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The Education Act 1994 and charity law require the Board of Trustees, acting in the role of trustees on behalf of the College Council, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Union and of the surplus or deficit of the Union for that period. In preparing those financial statements, the Trustees have: • selected suitable accounting policies and then applied them consistently. • made judgements and estimates that are reasonable and prudent. • stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. • prepared the financial statements on the going concern basis. • assured themselves that the Union is a going concern.

Internal Controls The Trustees have overall responsibility for ensuring that the Union has appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Union and enable them to ensure that the financial statements comply with the Education Act 1994, Charities Act 2011 and other statutory requirements. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that: • the Union is operating efficiently and effectively. • its assets are safeguarded against unauthorised use or disposal. • proper records are maintained and financial information used within the Union, or for publication, is reliable. • the Union complies with relevant laws and regulations. • the systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: • an annual budget approved by the Trustee Board.

Annual Report 2013/14

• delegation of authority and segregation of duties. • identification and management of risks.

The Union is reviewing its systems in particular to allow for more regular consideration by the trustees of financial results, variance from budgets, non-financial performance indicators and benchmarking reviews.

Risk Management The Union Trustee Board has established a Risk Register which: • Set policies on internal controls covering the following: • consideration of the type of risks the Union faces. • the level of risks which trustees regard as acceptable. • the likelihood of the risks concerned materialising. • the Union’s ability to reduce the incidence and impact on the business of risks that do materialise; and • the costs of operating particular controls relative to the benefit obtained. • Clarify the responsibility of management to implement the trustees’ policies and identify and to evaluate risks for their consideration. • Communicate that officers and employees have responsibility for internal control as part of their fiduciary duties and accountability for achieving objectives. • Embed the control system in the Union’s operations so that it becomes part of the culture of the organisation. • Develop systems to respond appropriately and quickly to evolving risks arising from factors within the Union and to changes in the external environment. • Include procedures for reporting failings immediately to appropriate levels of management and the trustees together with details of corrective action being undertaken. The Union’s Risk Register was completed as part of a College wide framework for identifying and managing risk.

For and on behalf of the Trustees,

Dame Juila Higgins Chair of the Board of Trustees Imperial College Union Beit Quadrangle Prince Consort Road London SW7 2BB October 2014

Annual Report 2013/14

Report of the Auditors to the Members For The Year Ended 31 July 2014 We have audited the financial statements of Imperial College Union for the period ended 31 July 2014 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Trustees, as a body, in accordance with legislation. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective Responsibilities of Trustees and Auditors As explained more fully in the Trustees’ Responsibilities Statement the trustees are responsible for the preparation of financial statements which give a true and fair view. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustee’s annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on Financial Statements In our opinion the financial statements: • give a true and fair view of the state of the Charity’s affairs as at 31 July 2014 and of its incoming resources and application of resources, for the period then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Charities Act 2011.

Matters on which we are Required to Report by Exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: • the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit. Knox Cropper 8/9 Well Court Chartered Accountants London, EC4M 9DN Registered Auditors Annual Report 2013/14

Statement of Financial Activities For The Year Ended 31 July 2014 -----------------Restricted Funds----------Note

Unrestricted Funds

Student Activities

Capital Grants

Total 2014

Total 2013

INCOMING RESOURCES

As Restated

Voluntary Income Block Grant Donated Services

1,409,572

1,285,000

557,411

466,958

161,169

134,934

13,534

12,704

Activities for Generating Funds Room Hire Interest & Investment Income Charitable Activities for Students Social Enterprise

2,793,646

2,538,468

Student Activities and Development

22,056

2,149,816

2,171,871

2,073,112

Student Voice

104,210

73,395

£5,061,598

£2,149,816

£-

£7,211,413

£6,584,571

Other Income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Charitable Activities for Students Social Enterprise

(3,071,347)

(55,358)

(3,126,705)

(2,692,128)

Student Activities and Development

(1,383,232)

(2,038,235)

(156,552)

(3,578,019)

(3,522,832)

Student Voice

(412,777)

(11,072)

(423,848)

(374,829)

Governance TOTAL RESOURCES EXPENDED

Annual Report 2013/14

(35,239) £(4,902,595)

£(2,038,235)

£(222,982)

(35,239) £(7,163,812)

(22,678) £(6,612,468)

Statement of Financial Activities For The Year Ended 31 July 2014 -----------------Restricted Funds----------Note

Unrestricted Funds

Student Activities

Capital Grants

Net Incoming Resources before Transfers

159,003

111,581

Transfers between Funds

(5,386)

5,386

Net Incoming Resources before Other Recognised Gains and Losses

153,617

116,967

Total 2014

(222,982) -

Total 2013

47,602

(27,897)

(222,982)

47,602

(27,897)

7,910

18,486

(9,411)

Other Recognised Gains/Losses Gains on Investment Assets

NET MOVEMENT IN FUNDS FOR THE YEAR

Prior Year Adjustment TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD

7,910

161,527

116,966

(222,982)

55,512

2,474,279

770,768

3,515,857

6,760,904

2,000,087

£2,635,806

£887,734

£3,292,875

£6,816,416

£6,760,904

4,770,228

Annual Report 2013/14

Balance Sheet As at 31 July 2014 Note

2013

2014 £

TANGIBLE FIXED ASSETS

5,084,132

5,398,106

INVESTMENTS

118,537

110,627

CURRENT ASSETS Stock

238,198

190,960

Debtors

110,681

50,699

Cash and bank balances

1,968,134

1,525,434

2,317,013

1,767,093

(703,266)

(514,921)

CREDITORS:

NET CURRENT ASSETS

Represented by:

1,613,747

1,252,171

£6,816,416

£6,760,904

RESTRICTED FUNDS Capital Grants Student Activities

3,292,875

3,515,857

887,734

770,768 4,180,609

4,286,625

UNRESTRICTED FUNDS Designated Funds General Reserve

2,213,795

1,992,876

422,012

481,403 2,635,807 £6,816,416

Annual Report 2013/14

2,474,279 £6,760,904

Cash Flow Statement For year end 31 July 2014 Note £ Operating (deficit)/surplus

2013

2014 £

47,601

(27,897)

389,623

441,796

Investment income

(13,534)

(12,704)

Decrease/(Increase) in stock

(47,238)

15,499

Depreciation

Decrease/(Increase) in debtors

(59,982)

74,492

Increase/(decrease) in creditors

188,345

(92,594)

NET CASH INFLOW/(OUTFLOW)FROM OPERATING ACTIVITIES Investment income

504,815

398,592

13,534

12,704

Capital Expenditure Payments to acquire tangible fixed assets Receipts from sales of tangible fixed assets

CHANGE IN CASH

(75,649)

(42,279)

(75,649)

(42,279)

£442,700

£369,017

442,700

369,017

RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN FUNDS Increase in cash in the year Cash flow from (decrease) in liquid resources Change in net funds

NET FUNDS AT 1 AUGUST 2013 NET FUNDS AT 31 JULY 2014

442,700

369,017

1,525,434

1,156,417

£1,968,134

£1,525,434

Annual Report 2013/14

Notes to the accounts for the year ended 31 July 2014 1.Accounting Policies Accounting Convention The financial statements have been prepared under the historical cost convention, subject to the inclusion of investments at market value, and in accordance with the Statement of Recommended Practice: Accounting by Charities (2005) and applicable Accounting Standards.

Stock Stock is valued at the lower of cost and net realisable value.

Tangible fixed assets Fixed assets are depreciated over their estimated useful economic lives. The principal rates used for this purpose are: Fixtures, fittings, equipment and motor vehicle - 10% - 33% Building Refurbishment - 5% The Clubs & Societiesâ&#x20AC;&#x2122; fixed assets are fully depreciated in the year of acquisition as individual Clubs & Societies may not continue in existence for the foreseeable future.

Investments Investments are stated at market value at the balance sheet date.

Operating Leases Operating lease rentals are charged to the income and expenditure account as incurred.

Pensions The Union participates in the Universities Superannuation Scheme (USS) and Superannuation Arrangements for the University of London (SAUL). Both are defined benefit schemes and are externally funded and contracted out of the State Earning Related Pension Scheme. The income and expenditure account reflects the contributions payable as stipulated by the Pension Scheme Trustees.

Income Income is stated net of VAT and trade discounts. Irrecoverable VAT has been charged to the income and expenditure accounts unless it relates to a capital asset in which case it is included as part of the cost of the asset

Funds (1) Restricted Funds are held for restricted purposes and include capital grants received to fund fixed assets, and the unspent balances of funds self generated by Clubs, Societies & Projects. (2) Designated Funds are held for particular purposes at the discretion of the Trustees.

Annual Report 2013/14

Notes to the accounts (Continued) for the year ended 31 July 2014 2. Donated Services

2014 £

Serviced Accommodation

2013 £

408,889

350,907

HR and Payroll

86,130

65,791

IT Services

53,967

42,260

Audit Fees

8,425

8,000

£557,411

£466,958

The Union Building is provided by the College free of charge together with the provision of support services including HR, Payroll & IT.

3. Social Enterprise

----------------------------------------------------------2014----------------------------------------------------------Unrestricted £

Sales

Restricted £

Total £

Capital £

2013 £

2,793,646

2,538,468

Cost of Sales

(1,156,717)

(1,040,059)

Gross Profit

1,636,929

1,498,409

Staff Salaries & Wages 7

(961,640)

(818,909)

Other Direct Costs

(285,747)

(282,162)

(667,243)

(55,358)

(722,601)

(550,998)

£(277,701)

£(55,358)

£(333,059)

£(153,661)

Support Costs

Social Enterprise encapsulates the activities of our licensed trade and retail outlets.

4. Student Activities & Development ----------------------------------------------------------2014----------------------------------------------------------Unrestricted £ Income

Restricted £

Total £

Capital £

2013 £

22,056

2,149,816

2,171,871

2,073,112

Direct Costs

(305,773)

(1,998,018)

(1,549)

(2,305,340)

(2,371,229)

Staff Salaries & Wages 7

(146,769)

(40,217)

(186,986)

(151,318)

Support Costs

(930,691)

(155,003)

(1,085,694)

(1,000,285)

£(1,361,177)

£111,581

£(156,552)

£(1,406,148)

£(1,449,720)

Student Activities and Development captures all our work around volunteering and the activities of Clubs, Societies & Projects. Annual Report 2013/14

Notes to the accounts (Continued) for the year ended 31 July 2014 5. Student Voice ----------------------------------------------------------2014---------------------------------------------------------Restricted £

Unrestricted £ Income

Total £

Capital £

2013 £

Direct Costs

(27,898)

(6,863)

Staff Salaries & Wages 7

(97,183)

(84,524)

Support Costs

(287,696)

(11,072)

(298,768)

(283,442)

£(412,777)

£-

£(11,072)

£(423,849)

£(374,829)

The work we do in representing student views, campaigning on their behalf and the resources needed to run our various democratic activities are captured under Student Voice.

6. Governance Audit Trustee Expenses Staff Salaries & Wages 7

Annual Report 2013/14

2014 £

2013 £ (8,425)

(8,000)

(26,814)

(14,678)

£(35,239)

£(22,678)

Notes to the accounts (Continued) for the year ended 31 July 2014 7. Staff salaries and wages ----------------------------------------------------------2014---------------------------------------------------------Unrestricted £ Salaries & Wages

Restricted £

Total £

Capital £

2013 £

(1,791,738)

(37,644)

(1,829,382)

(1,580,331)

Employers National Insurance Costs

(118,192)

(2,656)

(120,848)

(113,571)

Pension Costs

(134,484)

(134,400)

(109,790)

£(2,044,413)

£(40,217)

£-

£(2,084,630)

£(1,803,692)

Allocated to: Social Enterprise

(961,640)

(818,909)

Student Activities & Development

(146,769)

(40,217)

(186,986)

(151,318)

(97,183)

(84,524)

(812,007)

(734,263)

(26,814)

(14,678)

£(2,044,413)

£(40,217)

£(2,084,630)

£(1,803,692)

Student Voice Administration & Finance Costs Governance

The average number of permanent staff during the year was 52 (2013:49) The average number of student staff during the year was 132 (2013:109) There was 1 employee earning in excess of £60,000 at the year end (2013: 1) in the band £70,000 to £80,000.

Annual Report 2013/14

Notes to the accounts (Continued) for the year ended 31 July 2014 8. Support Costs ----------------------------------------------------------2014---------------------------------------------------------Unrestricted £ Premises & Equipment Costs

Restricted £

Total £

Capital £

2013 £

(585,850)

(221,433)

(807,284)

(774,130)

(1,159,682)

(952,544)

Human Resources & Payroll

(86,130)

(65,791)

IT Services

(53,967)

(42,260)

£(1,885,629)

£-

£(221,433)

£(2,107,063)

£(1,834,725)

Social Enterprise

(667,243)

(55,358)

(722,601)

(550,998)

Student Activities & Development

(930,690)

(155,003)

(1,085,694)

(1,000,285)

Student Voice

(287,696)

(11,072)

(298,768)

(283,442)

£(221,433)

£(2,107,063)

£(1,834,725)

Administration & Finance Costs

Allocated to:

£(1,885,629)

Annual Report 2013/14

£-

Notes to the accounts (Continued) for the year ended 31 July 2014 9. Tangible Fixed Assets Building Refurbishment £

Cost as at 31 July 2013

Fixtures, Fittings & Equipment £

Total £

6,505,590

2,085,117

8,590,708

2,050

73,599

75,649

Additions Disposals

(3,620)

Cost as at 31 July 2014

6,507,640

2,155,096

£8,662,737

Accumulated Depreciation as at 31 July 2013

1,256,264

1,936,338

3,192,602

326,546

63,077

389,623

Depreciation Disposals

(3,620)

Accumulated Depreciation as at 31 July 2014

£1,582,810

£1,995,795

£3,578,605

Net Book Value as at 31 July 2013

£5,249,326

£148,779

£5,398,106

Net Book Value as at 31 July 2014

£4,924,830

£159,302

£5,084,132

10.Investments 2013 £

2014 £ Market Value at 1 August (Loss)/Gain in Unrealised Investment Value Market Value at 31 July

110,627

92,141

7,910

18,486

£118,537

£110,627

Investments represent 8,000 M&G Charifund Income Units

Annual Report 2013/14

Notes to the accounts (Continued) for the year ended 31 July 2014 11. Debtors and Prepayments 2013 £

2014 £ Trade Debtors

74,799

37,697

Other Debtors

15,527

750

Provision for Bad Debts Prepayments Accrued Income

(579)

(434)

17,588

10,196

3,346

2,489

£110,681

£50,699

12.Cash and Bank Balances 2013 £

2014 £ Bank Accounts

1,944,994

1,513,004

21,110

10,300

Cash Floats Petty Cash

2,030

2,130

£1,968,134

£1,525,434

13.Creditors 2013 £

2014 £ Due within one year Trade Creditors

84,259

88,925

Other Creditors

26,137

23,336

352,580

277,300

Imperial College VAT Accruals Defered Income

Annual Report 2013/14

67,558

43,689

150,962

41,023

21,770

40,650

£703,266

£514,921

Notes to the accounts (Continued) for the year ended 31 July 2014 14. Funds Funds

Opening Balance £

Income £

Investment Gains £

Expenditure £

Transfers £

Closing Balance £

Restricted Funds Student Activities

Capital Grants Total Restricted Funds

770,768

2,149,816

(2,038,235)

5,385

887,734

3,515,857

(222,982)

3,292,875

4,286,625

2,149,816

(2,261,217)

5,385

4,180,609

1,884,936

(90,991)

1,793,944

107,940

7,910

115,850

304,000

1,992,876

220,919

2,213,795

481,403

5,061,598

(4,902,595)

7,910

(226,305)

422,012

£6,760,904

£7,211,413

£(7,163,812)

£7,910

£6,816,416

Designated Funds Fixed Assets & Investment Fund Investment Revaluation Reserve Capital Plan Total Designated Funds Unrestricted Funds Total Reserves

Annual Report 2013/14

Notes to the accounts (Continued) for the year ended 31 July 2014 15. Pension Schemes The Union participates in two separate, independently managed, defined benefit, occupational pension schemes, which are contracted out of the State Second Pension (S2P); each is valued by professionally qualified and independent actuaries triennially. It is not possible for either of the schemes to identify the Union’s share of the underlying assets and liabilities of the schemes and therefore, as required by FRS17, contributions to the schemes are accounted for as if they were defined contribution schemes. The following notes for the pension schemes detail information in respect of the latest actuarial valuations.

USS Staff paid on academic and academic-related scales, who are otherwise eligible, can acquire pension rights through the Universities Superannuation Scheme (USS), which is a national scheme administered centrally for UK universities. The assets of the scheme are held in a separate trustee-administered fund. The most recent formal actuarial valuation was carried out as at 31 March 2011. At the valuation as at 31 March 2011, the market value of the assets of the scheme was £32.433 million and the value of liabilities was £35.343 million leaving a shortfall of £2.91 million. This represents a funding level of 92%. The institution contribution rate required for future service benefits alone at the date of the valuation was 16% of pensionable salaries. Since 31 March 2011 global investment markets have continued to fluctuate and at 31 March 2013 the actuary has estimated that the funding level under the new scheme specific funding regime had fallen from 92% to 77%. With effect from the 1 October 2011, new joiners to the scheme will join the new revalued benefits section rather than the existing final salary scheme. This change is expected to have a positive impact on future funding levels.

SAUL Other, non-academic staff, who are otherwise eligible, can acquire pension rights through the Superannuation Arrangements of the University of London (SAUL) which is a centrally administered scheme primarily for the University of London. The most recent formal actuarial valuation was carried out at 31 March 2011. The actuarial valuation as at 31 March 2011 applies to the scheme as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole the market value of SAUL’s assets was £1.506 million representing 95% of the liability for benefits after allowing for expected future increases in salaries. The Trustee and the Employers agreed to maintain Employer and Member contributions at 13% of Salaries and 6% of Salaries respectively following the valuation.

Annual Report 2013/14

Notes to the accounts (Continued) for the year ended 31 July 2014 16. Capital Commitments There were no capital commitments at the year end (2013 – Nil)

17. Analysis of Assets Between Funds ------------------Restricted Funds-----------------Capital Grants Tangiable Fixed Assets

Student Activities

3,292,875

Unrestricted Funds 1,791,257

Total Funds 5,084,132

Investments

118,538

Current Assets

887,734

1,429,278

2,317,012

Creditors

(703,266)

£3,292,875

£887,734

£2,635,807

£6,816,416

Annual Report 2013/14

Imperial College Union Beit Quadrangle Prince Consort Road London SW7 2BB Registered Charity No: 1151241

Tel: 020 7594 8060 Fax: 020 7594 8065 Email: union@imperial.ac.uk Twitter: @icunion imperialcollegeunion.org